India-based emerging market focused car sharing platform Zoomcar foresees its special purpose acquisition company (SPAC) deal to close in the fourth quarter this year.

Zoomcar said in a statement on Wednesday that the firm and Innovative International Acquisition Corp. (IOAC), a Cayman Island registered blank-check SPAC’s registration statement filed with the United States Securities and Exchange Commission (SEC) on February 7 has been declared effective by the SEC.

The registration statement was filed in connection with the proposed business combination between IOAC and Zoomcar, previously announced on October 13, 2022.

IOAC has scheduled an extraordinary general meeting of IOAC shareholders on 25 October 2023, to seek approval and adoption of the merger agreement among IOAC, Zoomcar and the other parties.

The closing of the transaction, which is expected to occur in the fourth quarter of 2023, is subject to approval by IOAC shareholders, Zoomcar stockholders and the other closing conditions set forth in the merger agreement.

Upon closing of the transaction, IOAC is expected to transfer by way of continuation out of the Cayman Islands and into the State of Delaware and be renamed Zoomcar Holdings, Inc..

It will continue to operate under the Zoomcar management team, led by Greg Moran, Co-Founder and Chief Executive Officer of Zoomcar.

The combined company’s common stock is anticipated to be listed on NASDAQ under ticker symbol “ZCAR.”

“This significant milestone brings us one step closer to finalizing the merger transaction with Zoomcar, a leader in emerging markets as the largest car-sharing platform,

“With the explosion of emerging markets and the wave of global entrepreneurship, I am confident about Zoomcar’s bright future as a leading global mobility platform,” said Mohan Ananda, the Chairman and Chief Executive Officer of IOAC.

Meanwhile, Greg Moran said Zoomcar is thrilled to announce this important milestone in its ongoing partnership with the IOAC team.

“We look forward to continuing the buildout of our peer to peer car sharing platform across our core emerging market geographies,” he said.

Founded in 2012 and headquartered in Bengaluru, Zoomcar is a marketplace for peer to peer car sharing across India, Indonesia and Egypt, with over 21,000 cars registered through its platform.

The Zoomcar community connects vehicle owners with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets.

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